Deutsche Bank completes its acquisition of Dresdner Bank’s Global Agency Securities Lending business

Frankfurt am Main, Deutsche Bank AG (XETRA: DBKGn.DE / NYSE: DB) today announced the completion of its acquisition of Dresdner Bank’s Global Agency Securities Lending business from Commerzbank AG (XETRA: CBK GY), pursuant to the agreement entered into by the parties in May 2009.

The Dresdner Agency Securities Lending business has been integrated into Deutsche Bank’s Trust & Securities Services (TSS) business in Global Transaction Banking as part of its local custody franchise and will be overseen by Roger Harrold, Head of Domestic Custody Services. Tim Smollen, the head of the Agency Securities Lending business, will report to Mr. Harrold.

Mr. Harrold commented, "We are very pleased to welcome our new colleagues and clients. The completion of this transaction has added one of the largest third-party agency securities lending providers to our custody platform. The addition of this service represents a logical complementary fit to our existing range of services comprising sub-custody, securities clearing, and fund services"

Deutsche Bank is a leading global investment bank with a strong and profitable private clients franchise. A leader in Germany and Europe, the bank is continuously growing in North America, Asia and key emerging markets. With 78,530 employees in 72 countries, Deutsche Bank offers unparalleled financial services throughout the world. The bank competes to be the leading global provider of financial solutions for demanding clients creating exceptional value for its shareholders and people.

Deutsche Bank’s Trust & Securities business, part of Global Transaction Banking, is one of the leading providers of trustee, agent, depositary, registrar, SPV management and related services for a wide range of financial structures and transactions. It is a leading depositary for American and Depositary Receipts, provides fund and hedge fund administration and, through a fully integrated network of specialist offices worldwide, provides domestic custody services in more than 30 securities markets.

Source: Deutsche Bank